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Related Party Transactions
12 Months Ended
Dec. 31, 2014
Related Party Transactions [Abstract]  
Related Party Transactions
Related Party Transactions
Steven Sprague, Wave's former President and Chief Executive Officer, served as a member of the Board of Directors through June 2014. Steven Sprague earned approximately $45,000 in board fees during the twelve-months ended December 31, 2014.
Peter Sprague, the father of Steven Sprague, was paid a salary of $127,197, $134,200, and $134,200 for the years ended December 31, 2014, 2013, and 2012, respectively. Peter Sprague earned bonuses of $0, $0 and $30,000 for the years ended December 31, 2014, 2013 and 2012, respectively.
Michael Sprague, the brother of Steven Sprague and the son of Peter Sprague, was terminated by the Company in March 2014. He was paid a salary of $39,494, $189,300 and $189,300 for the years ended December 31, 2014, 2013, and 2012, respectively. Michael Sprague earned bonuses of $0, $0 and $45,000 for the years ended December 31, 2014, 2013 and 2012, respectively.
On September 16, 2013 Wave entered into a Software Development and License Agreement ("the Development Agreement") with EXO5, LLC ("EXO5"). EXO5 is a company owned by Richard Lee, an experienced software project manager who joined Wave in September 2011 as Project Manager for Cloud Services. Pursuant to the Development Agreement, Wave issued EXO5 372,578 shares of Class A Common Stock valued at $500,000 to acquire a perpetual license for EXO5's Cloud Application Platform ("the Platform"). During the year ended December 31, 2014, Wave incurred costs of $417,000 associated with additional maintenance work performed by EXO5 on the Platform.